Quipt Home Medical reports Q4 EPS (3c), consensus 0c

Reports Q4 revenue $62.5M, consensus $62.9M. “We exited fiscal 2023 with strong momentum across the organization, and substantial operating scale achieved, posting record results with revenue increasing by $81.8 million to $221.7 million. We saw an acceleration of our fiscal 2023 Adjusted EBITDA as a percentage of revenue increase to 22.8%, compared to 20.9% in fiscal 2022, reduced our bad debt expense significantly and improved net operating cash flow. Our growth strategy continues to yield consistent financial and operational results, and we are pleased with the team’s continuous efforts to expand our patient-centric ecosystem into strategic areas around the country. To achieve our goals for organic growth, we have been concentrating our efforts on areas where COPD prevalence is high and extending our sales efforts into continuum markets. In fiscal 2024, we anticipate solid organic growth, with the goal of achieving 8-10% revenue growth on an annualized basis. In real time during fiscal Q1 2024, we have seen continued strong demand for our entire diversified respiratory product mix including sleep products and expect this to continue through fiscal 2024,” said CEO and Chairman Greg Crawford. “With 287,500 active patients across 26 states in the United States, Quipt is currently in the strongest market position it has ever been in. Given the favorable regulatory environment, the ongoing high demand for respiratory products and services, the robust demographic trends, and our consistent operating success across the board, we expect continued robust growth in fiscal 2024. Furthermore, we have a lot of opportunity to take advantage of the growing market for at-home clinical respiratory care thanks to our healthy balance sheet, strategic organic growth initiatives and acquisition pipeline.”